By Charlie Feldman
The levy on taxable property within the corporate limits of Troy for the fiscal year beginning on May 1, 2020 and ending on April 30, 2021 was approved by the Troy City Council at its Monday, December 7 meeting.
Due to COVID-19- related concerns, the meeting was held on Zoom.
The council voted on the overall tax levy amount of $1,634,300, which will be charged according to individual property values. That represents a 4.9 percent increase over the previous year. The amount will be divided by the EAV, to be determined next spring.
Increased construction in Troy is one of the factors that is expected to bring property values up and the annual tax rate down.
“We’re right at about 4.9 percent in terms of the actual levy amount increasing,” explained Mayor Allen Adomite. “If we have more than 5 percent increase in EAV (Equalized Assessed Value), which we expect to – and we’ve definitely had a five- or six-year streak where we’ve averaged about 7 percent in regards to EAV growth –even though the levy amount is higher this year we expect that the rate on individual homeowners will either stay the same or go down because of our strong EAV numbers.”
“Last year we increased it right at that 5 percent figure and the rate went down from .6209 to .6177,” added City Attorney Fred Keck. “So I think there’s a real possibility that we can see something very similar like that happen this year.”
The next City Council meeting will be held on Monday, December 21 at 7:30 p.m.